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Herbalife says it is facing civil inquiry from FTC; shares plunge after halt
LOS ANGELES, Calif. – Herbalife is facing an inquiry from the Federal Trade Commission.
The nutrition and supplement said Wednesday that it received the civil investigative demand from the FTC on Wednesday. A representative from the FTC was not immediately available to comment.
Herbalife says it welcomes the inquiry, saying there is a “tremendous amount of misinformation in the marketplace” about its business. The company says it believes it is in compliance with all laws and regulations and plans to co-operate fully.
The company made the announcement just a day after hedge fund manager William Ackman renewed his attacks on the company. Ackman repeatedly has bet against the company and says he believes it operates as a pyramid scheme.
Herbalife Ltd.’s shares plunged more than 12 per cent after a suspension in trading was lifted.
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